Demolition Market Off to a Good 2020 Start

Demolition Market Off to a Good 2020 Start
23/01/2020

With the majority of shipping markets on a downward path, market delegates were expecting an increase in ships’ recycling activity and this scenario is now materializing. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “it seems the positivity seen last week has carried forward into this week as various market negotiations pushed price levels further and proved that any previous sales were not just a flash in the pan. This stability has come from the Indian steel industry remaining positive on the back of their improved domestic steel rates and also the Bangladeshi steel market again active in their enquiries to purchase inventories from the ship recyclers. This has resulted in the Chattogram shores awakening from their New Year slumber and again offering competitive rates. Cash Buyers who gambled on this positive bounce will now be reaping the rewards from purchasing tonnage that was deemed ‘above the market’ at the time, pre-Christmas holidays’ and starting the year off on a strong foothold. There has been further positive news from Bangladesh this week as we congratulate the PHP Ship Breaking yard who have obtained the approval from the NK Class for ship recycling in conjunction with the Hong Kong Convention, and has brought itself in line with the most prominent recycling yards in India. Previously the yard was approved by Rina class but has now received Class NK’s approval which is a major feat. This is welcome news for the recycling industry at the start of this new decade and it is now hoped after this success story that other recycling yards in Bangladesh use this as motivation and take the necessary steps to improve their own yards. With Indian yards now hosting over 80 yards that are H.K. Convention compliant, to have other yards in Bangladesh receive such accolades will help the ship recycling industry for their future development”, Clarkson Platou Hellas noted.

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